As the housing market's economic recovery enters a new stage in 2017, the homeownership rate will bounce back from historical lows and renting will become more affordable, according to a report released by Zillow.
Millennials will play a significant role in increasing the homeownership rate, but President-elect Donald Trump's policies could make their purchase more expensive.
"There are pros and cons to both existing homes and new construction, and the choice for home buyers can often be difficult," Zillow's chief economist Svenja Gudell said in a statement.
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